Faraday Future designers use augmented reality to help them in the design process.Faraday FutureThe labor market is changing faster than you might realize.
Demographic changes and technological advancements may lead to the net loss of 5 million jobs by 2020, according to a report published Monday by the World Economic Forum. In total, the report estimates that a total of 7.1 million jobs could be lost, the majority of which will be white-collar office and administrative jobs.
The report, called “The Future of Jobs,” surveyed executives from more than 350 employers across nine industries in 15 of the world’s largest economies to come up with its predictions about how the labor markets will evolve.
While the job landscape is expected to undergo radical changes over the next few years, the report predicts that there will also be certain occupations that are more in demand.
Here’s a look at some of the job categories that are expected to see growth.
Data analysts will be in demand.
According to the report, data analysts will become increasingly more important in all industries by 2020.
Survey respondents said they expect to have a greater demand for data analysts because they will need help making sense of all of the data generated by technological disruptions.
In fact, computer and mathematical jobs as a whole will also continue to get a boost.
Jobs that fall under the computer and mathematical occupations will grow.
These occupations include computer programmers, software developers, information security analysts, and more.
Architects and engineering jobs will remain stable.
During the next four years, the demand for those skilled in architecture and engineering will continue to increase.
Specifically, the report states there will be growth for engineers focused on biochemicals, nanotechnology, robotics, and materials.
By 2020, 2 million jobs will be created worldwide that fall under computer and mathematical and architecture and engineering related fields, according to the report.
More specialized sales people will also be needed.
As technological advancements continue to disrupt industries, there will be a growing need for specialized sales people who can explain the company's offerings to a wide range of clients, including businesses, governments, consumers, as well as to new clients that the company has never worked with before.
For example, as content is increasingly consumed on mobile, a digital media company would want to hire sales people who are knowledgeable with the ins and outs of mobile advertising.
Senior managers will be needed in industries across the board to lead companies through periods of transformations.
Industries ripe for disruption will also need a new type of senior manager to help companies navigate the rough waters of change, the report states.
Industries that will need these new type of senior managers include media, entertainment, and information, according to the report.
Product designers aren't going anywhere.
File photo of Infiniti chief designer Albaisa drawing a sketch of a car next to a quarter sized model of the Infiniti Emerg E car at Nissan Technical Center in AtsugiFaraday Future
One of the top skills that will be in demand by 2020 is creativity, according to the report. This will occur because while a lot of monotonous jobs can be automated, creative jobs still require a human.
One occupation survey respondents said will be increasingly needed with this skillset will be designers, specifically commercial and industrial designers.
These are the people that design and develop products like cars, appliances, gadgets, and other manufactured goods.
Human resources and organizational development specialists will also be needed to help reskill workers.
While technological and socio-economic changes will cause some jobs to disappear completely, there will also be a new jobs created and people needed to fill them.
One way companies are planning on dealing with finding the talent needed for new jobs is by training existing employees with new skill sets.
In fact, according to the report, 65% of respondents said that they are investing in reskilling current employees.
So development specialists and human resource professionals will be needed not only for hiring in a competitive market, but they will also be needed to help employees develop new skill sets.
Demand for regulatory and government relations experts will continue to increase as companies embrace new technologies.
As companies adopt and develop emerging technologies, they will also be looking to hire those familiar with how to navigate the legal side of things.
For example, as traditional automakers and tech companies both develop driverless cars, they are also hiring people to understand the relevant laws and to work with government regulators in figuring out the best way to implement the technology.